Will Nifty reclaim 18,200 next week? Sanjiv Bhasin weighs in
Sensex and Nifty50 fell on Wednesday after strong economic data from the US kept traders worried that Federal Reserve could keep raising interest rates even as markets waited for minutes from the Fed's last meeting.
Veteran market expert and IIFL Securities director Sanjiv Bhasin on Wednesday exuded confidence that the market will recover next week and that India will lead. He added that Nifty50 will reclaim 18,200 next week.
"Jobs in tier 2 cities are hitting new highs. Consumption will be the key and banks will outperform," Bhasin said. He had earlier recommended shares of three banks to Zee Business viewers - SBI, Bank of Baroda and IDFC First Bank. He advised to hold the positions till next week.
Meanwhile, Sensex and Nifty50 fell on Wednesday after strong economic data from the US kept traders worried that Federal Reserve could keep raising interest rates even as markets waited for minutes from the Fed's last meeting.
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While Sensex crashed more than 800 points to slip below the psychological level of 60000, Nifty50 was down by more than 250 points to trade below 17,600 around 1:45 PM.
Almost all Asian stock markets are trading in the red amid the broadly negative cues from global markets.
Wall Street on Tuesday posted its worst performance of the year. The Dow Jones Industrial Average dropped 697.1 points or 2.06 per cent to end at 33,129.59. The S&P 500 slid 81.75 points or 2 per cent close at 3,997.34 and the Nasdaq Composite fell 294.97 points or 2.5 per cent to 11,492.30.
03:11 PM IST